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Bill Schrader
Associate President, BP Azerbaijan

Villa Petrolea
2 Neftchilar Prospekt (Bayil), Baku

Tel: (994-12) 497-9000
Fax: (994-12)497-9602, 497-9736
bayatltf@bp.com
BP.com

BP, leading operator in the South Caspian, operates four oil and gas development and exploration contracts.

(1) Production from Chirag in the Azeri, Chirag and deepwater Gunashli (ACG) field continues successfully. Construction work is underway on the ACG Azeri Development Project to deliver First Oil from Central Azeri in early 2005.

(2) Stage 1 Development Project of Shah Deniz, a world-class gas condensate field, is in the Construction Phase with first gas delivery target before Winter 2006.

(3) Inam's first exploration well was drilled in 2005.

(4) Technical Studies continue on the Araz-Alov-Sharg prospect. In addition, BP is the operator of the Baku-Tbilisi-Ceyhan (BTC) oil export pipeline project for which construction is more than 60 percent complete. BTC will begin to deliver Caspian oil to world markets via Turkey in the 2nd half of 2005.

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